Are you talking about the 3 things in the tagline of the article? And did you actually read it? The author at least attempts to define what he's talking about. It's well-written.
For anyone interested in reading a well-researched article on the issues with the Fed (particularly going into and then out of the global financial crisis), this is excellent: https://unchained-capital.com/wp-content/uploads/2019/07/Enders-Game-White-Paper-Public.pdf Multiple examples in that article of the Fed having no fucking clue what it's doing.
Meh. I'm long BTC but I don't give a fuck if Jack likes it or not. Smarter people have been wrong about bigger things
No. I own a lot of shoes. I don't spend my days telling everyone else they should too in hope it will increase the value of my collection. Bitcoin owners struggle with that concept.
This is an awful analogy. You might as well have said that you like t-shirts but aren’t a t-shirt shill. Try stocks or any asset class.
Yes, you can own them without being a shill. I own lots of stocks. I don't spend my days telling others they should own the same stocks. I don't have them in my Twitter bio. That seems rare for Bitcoin owners. They treat is as a ponzi. You're a prime example.
I didn't say it was a Ponzi scheme. I said many Bitcoin users talk it up like one. The girl on fb pimping a MLM project would be a better comparison though.
Shhhhhhh. It’s too volatile (no wait that’s oil) and is a Ponzi scheme (no wait that’s the current market propped up by central banking). Interesting times as we head into the halving with what should be a decrease in miner sell pressure in the coming weeks/months. Has the makings for some serious FOMO.
user15000 I like you and you bring up interesting points. I also have about 1% of my portfolio in BTC. How do you rationalize the distributed carry cost of BTC though? If you think about energy as a resource, why should so much go into processing bytes to maintain a currency? Aren’t there better solutions for a decentralized currency?
This is probably a decent starting point to the energy issue: https://unchained-capital.com/blog/bitcoin-does-not-waste-energy/ Energy is spent on all sorts of things, and securing a decentralized currency is not a cost that I view as unnecessary. To your last question, no I don’t think there are better solutions. Long term, the market will ultimately determine what is the best solution, but it hasn’t been a particularly close result thus far. Also your portfolio position is one that I think is increasingly harder for people to justify not having.
Imagine there were 100 individuals in an economy, each with different skills. All have determined to use a common form of money to facilitate trade in exchange for goods and services produced by others. With the one exception that a single individual has a superpower to print money, requiring no investment of time and at practically no cost. Given human time is an inherently scarce resource and that it is a required input in the production of any good or service demanded in trade, such a scenario would mean that one person would get to purchase the output of all the others for free. Why would anyone agree to such an arrangement? That the individual is an enterprise, and more specifically, a central bank expected to act in the public interest does not change the fundamental operation. If it does not make sense on a micro level, it does not magically transform into a different fundamental fact merely because there are greater degrees of separation. If no individual would bestow that power in another, neither would a conscious decision be made to bestow it in a central bank.
In your scenario, half the businesses would go out of business during a global pandemic. A decent % of the population would go hungry. I'm sorry your dollars got devalued a little but it was the best option. You have this utopia idea that doesn't exist in the real world.
You're wrong. The gold standard has existed in history without this nonsense that you think is inevitable. The reason it exists now is because of the current fucked up system. And i don't give a shit about dollar devaluation. I hold as few as possible.
What on earth are you blabbering about? No I'm not cool with that. But I also don't need to argue against your moronic false dichotomy. Maybe, just maybe, we should have a monetary system where people can save money and it isn't inflated away year over year as a hidden tax based on some old white dudes in a room who decide to move decimal places on a computer. Poor people starving and being evicted? Are you fucking serious? That already exists in this society and it sure as shit isn't being fixed by the federal reserve's monetary policy. It's being made worse by what is currently happening. Take a look at the wealth gap over the last 50 years (1971 is probably a good starting point), and then attempt to argue your point. It's also not a utopia idea if you had any clue about history.
In a perfect world, sure. That's not reality. That's what you're missing. Yes, the government printed money to save jobs and people without the savings to go 2 months with no income. That's a better alternative than saying "Welp, you should have saved some money, you poor." If we didn't have that ability we'd be in far worse shape after the last 2 months than we are now. You're so blinded by your desire for your investments to moon that you refuse at acknowledge that. If the fed didn't control the money and couldn't make more, who would have bailed out the people with no savings? Just fuck them, huh? Tell them to just grab their bootstraps? I'm not saying it's a perfect system but blaming the fed on the wealth gap is a joke. Capitalism and greed breed that.
You’re presupposing an agreement I’m not necessarily disagreeing with your points (because they seem somewhat rambling but nevertheless may be accurate), but take a look at the scale on the right hand side of this chart and please try and explain in good faith how it can be taken seriously. Look at the difference between 2 and 5, then compare that to the difference between 5000 and 10000. Your line graph purports to show itself as linear, yet the scale is non-linear. C’mon, man.
I understand that’s what the scale may be representing, but it’s hard to trust the line as accurate along the same scale without both adding up. Plus, the graphics (as they appear on this iPad) also make it questionable. My point is simply that the graph is questionable. Also had 3 flaming doctor pepper’s earlier, so perhaps I can’t read good right now
Not touching on anything he’s saying but he posted a logarithmic chart which takes nonlinear values and enables the user to present in a linear fashion. If you’ll notice the 2 and 5, 20 and 50, 200 and 500, 2000 and 5000, and 20000 and 50000 are all spaced the same. That’s how log scales work. They’re used quite often in finance to visualize exponential growth better.
On the agreement piece, what i wrote in here was directly copied from that Parker Lewis article. It's a thought experiment, with the ultimate point being that no one would agree to that arrangement so why do we have it now. It seems like the chart issue got sorted out. It's log scale. Spare me on questioning my motives about this when you work in the banking industry and presumably just made more money due to central banking's response to this. If anyone has a vested interest in the current system continuing, it's you. I'll continue converting an inflatable currency into one that cannot be debased. You and anyone else can do whatever you want, but I think you'll ultimately be on the wrong side of history. Society over time has trended toward the hardest form of currency, which mathematically and objectively will be btc. One of many problems with your position is that the fed "printing money to save jobs and people" is pure fantasy. It has done no such thing. The vast majority of the money being handed out right now is going big businesses. Joe Schmo got a whopping $1.2k and probably lost his job. And the reason that we live in such a fragile market system in the first place is due to the monetary policy and incredible amounts of debt at both the individual and systemic levels. Which is more fragile? A company with tons of debt living month-to-month or a company with no debt and a healthy cash reserve? Once you answer that, then ask yourself what our current system encourages. Finally, I said that the wealth gap has been made worse by current monetary policy. Here is what has happened post-Bretton Woods in 1971.
I don't like how the money was disbursed, should have been more direct to people rather than given to businesses and expecting them to properly relay it to employees, and some of it was used very poorly but it 100% did save a lot of jobs. 1.2k is peanuts to you but 3.4k for a family of 4 went a long way for a lot of people, depending on cost of living in their area. The clown in the White House is to blame for the botched disbursement. Companies running on razor thin margins with minimal reserves in order to give investors max returns has nothing to do with the monetary system. Of course a company with healthy reserves is ideal but that's not reality. You seem to have an issue with reality. You live in a fantasy land that moving to a hard currency is going to fix all of the issues in our economy. The form of currency isn't going to change how businesses run in a capitalist market.
I don't even know how to respond to this. You really think btc is going to solve everything. It's going to make businesses have better practices opposed to milking every nickel for investors. It's going to completely stop a certain political party from continually giving money to big business so that big business can funnel a portion it back to their campaign machine. It's going to stop billionaires from using labor as cheap as he possibly can so he can make another billion while his labor can barely make monthly bills. It's going to cure Rona along the way too.
You’re right. You don’t know how to respond and should’ve stopped at the first sentence. Go tilt at windmills somewhere else.
Gold 2.0, currency (not really peer-to-peer transactions on the base layer but moreso through the lightning network), the internet's global money, scarcest large market asset that has ever existed, etc.
That was an educational analysis but there is 0 data in there on the % of sales from miners vs. the other market participants, or any factual data on in/out flows over time.
Just a dude worth $5 billion saying this “The best profit-maximizing strategy is to own the fastest horse,” Jones, the founder and chief executive officer of Tudor Investment Corp., said in a market outlook note he entitled ‘The Great Monetary Inflation.’ “If I am forced to forecast, my bet is it will be Bitcoin.”
Price goes up $300 after it was published Who are your favorite technical analysis follows for Bitcoin?